Mumbai, September 28, 2026 (Yes Punjab News)
Health and hygiene products maker Eureka Forbes Limited has received a show-cause notice from the Uttar Pradesh GST department proposing a tax demand of Rs 273.40 crore for the financial year 2022-23, the company said in a regulatory filing on Monday.
The notice, issued by the Deputy Commissioner, State Tax, Sector-1, Lucknow, under Section 73(1) of the Uttar Pradesh Goods and Services Tax Act, 2017, alleges a GST liability of Rs 149.21 crore.
The proposed demand includes interest of Rs 109.27 crore and a penalty of Rs 14.92 crore, taking the total amount to Rs 273.40 crore.
In its exchange filing, Eureka Forbes said the demand appeared to have been calculated, among other factors, using pan-India financial data from its audited financial statements for FY23, without establishing the corresponding transaction-level tax liability attributable to its Uttar Pradesh GST registration.
The company maintained that the show-cause notice was without merit and was not sustainable on factual, legal or procedural grounds. It said it intends to contest the notice comprehensively and submit its response within the prescribed timelines.
“The company is of the considered view that the SCN is devoid of merits, not sustainable on facts or in law or in procedure and intends to contest the same comprehensively within the prescribed timelines,” the company said in its filing.
Eureka Forbes further stated that it did not expect the notice to have any material impact on its financial position, business operations or other activities.
“The company does not envisage any material impact on the financials, operations or other activities of the company arising from this SCN,” it added.
According to the company, the show-cause notice was received after office hours on September 25. The disclosure was made on September 28, the first working day following its receipt.
Shares of Eureka Forbes ended Monday’s trading session at Rs 361.90 on the BSE, down Rs 8.65, or 2.33 per cent, from the previous close.
FOLLOW NOW
